Mohammad Naser Al-Fozan, Assistant General Manager for Banking Sector of Kuwait Finance House (KFH), stated that the bank's share of the total savings products in the savings and deposit market has increased to about 30% following the intensive demand from customers as a result of the record distributions for 2006. "Increase exceeded 25% in the savings account customer segment, where the account distributed 5.6%, the highest return on this product in the market." He explained.
"In addition to the high earnings, features of the savings account include being suitable to a broad segment of savings customers." He added, "Investment starts with KD 100, without restrictions on the number of withdrawals or fees on the minimum balance. The account also offers free subscription to the KFH Online Service, which puts the customers' funds under their disposal anytime, anywhere, plus other features offered when dealing with the bank's other commercial, real estate and investment products." He elaborated.
In a press release on the occasion of the advertising campaign launched by KFH for the savings account product entitled: "Again, the First in Kuwait .. an account that works for you", he stated that KFH has uniquely given the highest distributions on the savings account, which is consistent with the record distributions on other products, mainly the deposits. "Such distribution reflects the quality performance and the numerous features, giving balanced care to all segments." He added, "It also emphasizes that selecting investment and savings with KFH is the right action, not only for the high distribution rates, but also for the prestigious position held by KFH as the best Islamic financial institutions as testified by all major rating agencies, and the quality performance allowing such operating profits, as well as the constant progress, which reflected positively on the higher profit and increasing market share." He concluded.
Over the past five years, KFH has successfully provided that highest distributions in the Kuwaiti market on the KD investment deposits level, thus representing a record leap directly sensed by customers, with an increasing annual rate. Distributions on deposits increased by up to 50% in 2006, with 8.4%, compared to 4% in 2005 for unconditional investment deposit, and 5.6% in 2006 for the savings account, against 3% in 2002.